Basics Business Plan Stephanie Landree
Vision Statement Our vision is to enhance the wardrobe and appearance of our clients and enrich and entertain our community. Being the “best” means providing outstanding quality and customer service, while adding to life’s enjoyment.
Mission Â Statement Â Our mission is to give each customer an experience they will never forget. Offering high quality menswear with a fun, exciting environment. We believe in outstanding customer service; making sure every appointment is an unforgettable, stimulating experience. Most of all we want our customers to feel relaxed and satisfied.
Concept Statement Walking into Basics, people will understand exactly what the store is about. Black leather couches and chairs, flat screen TV’s on every wall, surround sounds, tables with drinks on them, and high quality clothing scattered throughout the floor plan. Basics is about making it a comfortable shopping experience for men, with the best stylists on location. Sit back, watch the game, and have a drink if desired. Our stylist will take care of your every fashion need with a large assortment of both casual and dress apparel.
Company Basics will strictly cater to menâ€™s need of style and fashion. The key business of the store is apparel, both casual and dress. Our apparel is timeless and simple. It is easy and comfortable to wear, it also transitions well into all seasons. Our store is so special because our stylists do most of the work while the customer sits back and relaxes.
Culture We believe you should be able to enjoy the little things in life. Our stylists are educated in fashion and are very informed on all brands and product information in the store. The working environment is exciting and laid back. Conversations throughout the store are usually about sports, beer, or the clothing.
Customer Profile Geographic's Region: Chicago, Illinois City Size: 2.7 million Urban/Rural: Urban Climate: Moderate Demographics Age: 24-40 Sex: Male Family: Independent, single Income: $65,000+ Education: College Graduate Occupation: professional, marketing Religion: none Ethnic Background: Caucasian Consumer Behavior Benefits Desired: Styling and high quality apparel Usage Rate: Once every 2 months
Psychographics Social Class: High middle class to upper class Personality: Outgoing, funny, motivated Lifestyle: Chicago sporting events, bar hoping, bachelor, traveler Benefits Sought: Style, quality Attitude: Neutral Behavioral Brand Loyalty: Moderate Store Loyalty: Very Loyal User Status: Current Payment Method: American Express, credit card Usage Situation: Everyday, work, dating, guys night out
Competition Our company competes closely with Haberdash, a Chicago menâ€™s clothing store that accompanies high quality clothes with a blend of cool classic style and bit of old school. Trunk Club is an ecommerce competitor with educated stylists. Since both companies work out of Chicago and either have a brick and mortar location or strictly online; we will have both an on site location and online. While Haberdash offers both casual and suit wear, we will offer more casual and dress basics that will never go out of style. While Trunk Club is a fast and easy way to shop, we will offer amazing stylists that will get to know the clients on a personal level, face to face and an inviting atmosphere for men.
DĂŠcor and Visuals
Merchandise Assortment > Knit Sweater $79-‐149 > Casual Bu<on-‐ downs $59-‐79 > Dress Bu<on-‐ downs $79-‐99 > Cardigans $59-‐79 > Basic Tee $29-‐49
> Jeans $99-‐169 > Dress pants $89-‐129 > Jackets $149-‐299 > Coats $159-‐299 > Scarves $39-‐69
> Dress Shoes $139-‐269 > Casual Shoes $79-‐129 > Boots $129-‐199 > Belts $39-‐69 > Socks $10 > Ties $29-‐69
After extensive research we have decided to put our store in a prime location for men’s fashion: Chicago, Illinois in the classy Gold Coast neighborhood. We have found this area to house most of our targeted demographic and not to mention major luxury brands. We have decided on the crossroads of Rush Street and Delaware Place. DIMENSIONS The location we found is 1600 sq. feet on the ground level
LOCATION OF ENTRANCES/EXITS The customers and employees enter and exit from the front of the store. An additional entrance is located at the back storage room, for shipment.
DIMENSIONS SEPARATE SPACES
Majority of the space will be used for the selling floor. Only about 450 sp feet will be used for storage room, restroom, and management office.
LOCATIONS OF WINDOWS The only windows within the space are the front windows on both side of the entrance.
SHAPE OF STORE TERMS OF LEASE We have decided on a 2 year lease so we have time to build a reputation in the neighborhood and client base.
MONTHLY RENT The rent of the location is $4,400 a month. We will be paying $2.75 per square foot.
The location we have picked is a simple rectangle shape.
COMMON AREA FEES All maintenance and utility fees are an extra $75 a month. Any marketing or promotional activity will be paid with store’s funds
E-‐Business Basics’ fashion blog will resemble the store’s atmosphere. The blog will display photos of diﬀerent ouSits our stylists come up with. A day in the life wearing Basics’ clothing. The blog will also promote new bars and restaurants in town.
E-‐Business Basics’ webpage will resemble the store and give informaUon such as store hours and background informaUon. There will also be a tab where viewers can make appointments with the stylists.
E-‐Business Basics’ twi<er page will follow men that wear our clothing and tweet about new collecUons that are in the store. The twi<er page will have a lot of interacUon with the followers.
Promo.ons and Events • Monthly Beer tasUngs
• Newsle<ers distributed monthly • Team up with Chicago sports team to promote brand. • Team up with local bars and restaurants, to give customers service discounts. • Hold parUes throughout the year at partnering bars.
For Basics to be the store that a typical male wants to hang out at. The atmosphere will feel like a modern sports bar.
AdverUsing for Basics will mostly be through word of mouth. Our name will also be featured at local bars and sporUng events.
25 percent of our budget will be devoted to adverUsing for the ﬁrst few months of opening and then it will drop to 10 percent.
MarkeUng and Public RelaUons • Monthly newsle<er • Email blasts • Flyers at partnered businesses • AdverUsements in local newspapers • AdverUsements on Facebook • Press release
Management Style Store Manager
Evaluates performance Inventory
Hires Helps up sell employees
Providing top service
Up Keep merchandise
Oversees all store funcUons
Tracks goals Basics will have an administraUve style. We want input from all employees, as well as respect across the board.
Stylist ResponsibiliUes • Build a relaUonship with each customer that walks through the door • Maintain knowledge of all products • Maintain records of client appointments and sales • Maintain store (cleaning) • Aid in UckeUng and visuals • Package purchases and wrap gies • Hand wriUng thank you le<ers everyday • Maintaining relaUonship aeer sale • Shipment
Associate Week 1
Week 2 Week 3 Week 4
Totals by $9,250 Week Month Store Goal
$10,175 $10,650 $11,250 $41,325 $45,000
Stylist Goals Stylists will have set sales goals based on the amount of hours they work that parUcular day. The more experienced stylist, the higher goals. Managers will not have set goals each day, but they can sUll sell and form relaUonships with clients.
OrganizaUonal Management Structure
Ethics & Loss PrevenUon Ethics Basics maintains a high standard of
business ethics and regard for human rights. We require our suppliers to have a sound business ethic as well. We have established such guidelines in order to feel good about out high quality merchandise.
Loss Preven.on • • • • •
Inventory counts Employee must be on the ﬂoor at all Umes Store Alarms All employees must be walked to the door and bag checked All merchandise censored
Employee Beneﬁts Full-‐Ume employees are allowed 5 personal days and a week of paid vacaUon. Full-‐Ume staﬀ will receive a low-‐deducUble Open Access Plan (OPA), eye and dental insurance. Part Ume employees must request Ume oﬀ 2 weeks prior to the date. It is important for all staﬀ to arrive on Ume. If there is a no call, no show the employee will be wri<en up. Basics employees receive 50% oﬀ in store merchandise. Employees with highest volume and highest percentage over sale goals will receive gie cards to the store.
Dress Code Employees must always look polished and professional. It is important that our stylists to keep up with the latest styles and trends for customer knowledge. Stylists must blend well with the décor and merchandise, therefore wearing all black is best. Makeup, hair, and nails must be natural looking at all Umes. The LiCle Black Book All employees will be giving a handbook when they ﬁrst start. The handbook will include training worksheets and all of human resource paperwork that must be signed and completed. In addiUon employees will also be given an agenda to keep track of client informaUon and sales goals.
Weekly Schedule Name
Mon. Tues. Wed. Thurs. Fri.
Sat. Sun. Total
Sco< PelleUer 1-‐cl
1-‐cl 11-‐7 Oﬀ
3-‐cl 12-‐7 Oﬀ
1-‐cl 4-‐cl 30.5 9-‐4
WEEK OF Jan 13-‐19th Payments will be bi-‐weekly. Managers will be on a salary, and stylists will be starUng at $12/hr. We will start by having 4 main stylists.
Merchandise ClassiﬁcaUon Jan Feb Mar April May June July Aug Sept Oct Nov Dec Total Tops
6% 7% 8%
6% 4% 7%
9% 12% 10% 7%
Outerwear 9% 2% 3%
10% 16% 20% 23% 15%
Accessories 8% 8% 7%
5% 3% 10% 6%
3% 13% 17% 9%
At Basics our tops will bring in the highest predicted volume. Above is a break down each category percentage wise by month and the total yearly percent.
11% 13% 40% 8%
13% 11% 5% 10% 14% 15%
Monthly Sales Plan Appendix D
$10,175 $10,650 $11,250 $41,331
Above is a week by week sales goal of each category. Basics needs to be meeUng a goal of $41,330 each month to be on track for our year goal.
Sales Plan by Category Appendix C conUnued Categories
% Total Sales
Total Year Amount
A rough revenue esUmate of where Basics will be at the end of the ﬁscal year is about $496,000. That is if all categories meet their percentage to goal standards.
Service Levels Basics will be open 10am to 9pm Monday through Saturday and 10am to 7pm on Sunday. There will be cameras throughout the store to prevent thee. Basics prides themselves on customer service. We want each customer to feel like they have a private appointment with their stylist. Each stylist will build a relaUonship with every customer that walks through the door. Clienteling is a huge opportunity for the store that will not be forgo<en. Every client will expect to get mulUple thank you le<ers from their stylist throughout the year. Once relaUonships are built, appointments will be made. Expect only the best from Basics.
A fictional retail store's business plan and strategy